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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and intangible assets | 8. GOODWILL AND INTANGIBLE ASSETS Goodwill The change in goodwill during the years ended December 31, 2023 and 2022 is as follows:
|  | 2023 |  |  | 2022 |
Beginning of year |  | $ | 35,842 |  |  | $ | 35,842 |
Acquired Goodwill |  |  | 21,126 |  |  |  | — |
Impairment |  |  | — |  |  |  | — |
End of year |  | $ | 56,968 |  |  | $ | 35,842 |
Impairment exists when a reporting unit's carrying value of goodwill exceeds its fair value. At December 31, 2023, the Company's reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment of goodwill. Acquired Intangible Assets Acquired intangible assets were as follows at year-end:
| 2023 |  |  | 2022 |
| Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Core deposit intangibles | $ | 26,910 |  |  | $ | 1,344 |  |  | $ | 1,566 |  |  | $ | 787 |
Trade name intangibles |  | 348 |  |  |  | 181 |  |  |  | 348 |  |  |  | 75 |
Total | $ | 27,258 |  |  | $ | 1,525 |  |  | $ | 1,914 |  |  | $ | 862 |
Aggregate amortization expense for the years ended December 31, 2023 and 2022 was $663 and $258, respectively. Expected aggregate annual amortization expense for the next five years assuming no new acquisitions or impairments is as follows:
(In Thousands) |  |
2024 | $ | 4,778 |
2025 |  | 4,291 |
2026 |  | 3,795 |
2027 |  | 3,271 |
2028 |  | 2,791 |
2029 and thereafter |  | 6,807 |
| $ | 25,733 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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